MBAs Looking Away from Financial Services and Towards Companies that Offer Better Work-Life Balance

The Wall Street Journal recently published an article examining the “battle for MBA talent,” which looked at current trends in MBA graduate employer preferences. Authors, Laurence Fletcher and Pat Minczeski found that Wall Street is no longer as appealing to MBAs as consulting and technology firms, despite banks’ increasing starting salaries. “The share of full-time M.B.A. graduates from the top 10 business schools accepting jobs at financial-services firms dropped between 2012 and 2017 from 36 percent to 26 percent, based on a weighted average calculated by the Journal. The share accepting jobs in technology rose from 13 percent to 20 percent in the same period. Consulting edged out financial services as the top draw in 2017, as the choice of 29 percent of grads, up from 27 percent in 2012.”

The same article quotes Jean Ann Schulte, director of employer relations and recruiting services at MIT Sloan, who said “Over the last ten years we’ve had an almost complete flip between finance and technology.” In pointing to the working hours typical in the banking industry, she went on to say, “You can have a lucrative career without those lifestyle costs.”

An analysis published in Forbes by John Byrne earlier this year, which examined the average working hours for MBA graduates in various industries, supported the theory that MBAs are increasingly drawn to companies that offer better work-life balance. He found that, while overall, the median work week for MBA graduates is 54 hours per week, financial firms made up six of the top ten companies with the longest working hours. MBA graduates working at Goldman Sachs averaged 86 hours per week, followed by Barclays (73 hours), J.P. Morgan (72), Morgan Stanley (70), Credit Suisse (70), and Fidelity Investments (68).  Consulting firms round out the top ten, with average hours worked ranging from number three, McKinsey & Co. with an average of 72, to A.T. Kearney and Boston Consulting Group with averages of 63[1]. Bryne goes on to highlight that the MBA jobs with the lowest average working hours are at technology firms and large corporations. “MBAs who work for Microsoft average just 44 hours a week, while those who toil for Apple put in 52-hour weeks, a couple of hours below the median. Facebook MBAs average just an hour a week more at 53 hours, while Amazon MBAs hit the 54-hour a week median working for the e-commerce giant.” Those working for IBM, PepsiCo, and 3M company worked just under 45 hours per week.

Byrne then calculated hourly wages for various sub-industries and his analysis revealed that hedge fund and mutual fund employees earn the highest hourly rate at $129.46/hour. The average MBA makes about $75/hour. As an industry, high-tech placed third and fifth for e-commerce and software respectively, validating the supposition that technology companies may appeal to MBA graduates who value work-life balance, in addition to high pay and interesting work.

Some corporations need to do a better job addressing quality of life concerns if they want to recruit top MBA talent. And current MBAs considering various industries, corporations, or even offers should compare compensation alongside workload expectations in order to achieve both their career and lifestyle goals.  

[1] See full list here: https://poetsandquants.com/2016/06/17/mba-envy-not-know-hard-work/2/

MBA Employment Trends and Projections

Demand is high for recent MBA graduates. In 2017 in the U.S. and Canada, technology firms increased year-over-year MBA hiring by 22 percent and consulting and financial services firms increased hiring by 7 percent and 4 percent respectively. The same report (QS Top MBA Jobs & Salary Trends Report 2018)  projects that overall MBA recruiting in the U.S. and Canada will continue to demonstrate robust growth in 2018 (7 percent) and marginal growth in 2019 (2 percent).   

Technology: The growth in technology firms’ MBA hiring corresponds with reports that Amazon is hiring about 1,000 MBA graduates per year, almost double that of the next largest MBA employer, consulting firm McKinsey[i]. And the growth isn’t expected to slow in 2018. The QS Top MBA Salary Trends Report projects that recruiting in the U.S. and Canada by technology firms will continue growing in 2018 (15 percent) with more marginal growth predicted for 2019 (two percent).

In addition to Amazon, Microsoft and Google also recruit consistently within MBA programs, but with lower overall hiring. It is worthy of note that, among the Top 10 programs (US News and World Report), the largest percentage of 2017 graduates who accepted positions in the technology industry came from Berkeley Haas. 

Consulting: Consulting firms recruit a large percentage of MBA graduates (approximately a quarter to a third of each class at Top 10 MBA Programs) and this is expected to continue. The QS Top MBA Salary Trends Report projects that recruiting in the U.S. and Canada by consulting firms will increase by 15 percent in 2018 with a slight dip to 7 percent in 2019.

McKinsey, the second largest employer of MBAs, is the top employer of MBA graduates at Northwestern Kellogg, Chicago Booth, and Columbia Business School. Following McKinsey in MBA recruiting are Bain and Company, The Boston Consulting Group, and Deloitte.

At Stanford, the percentage of graduates securing roles in consulting is lower but trending upwards.

Finance: Developments in technology, political uncertainty, and greater competition from technology and other firms, has negatively impacted MBA recruiting by financial services firms. Wharton, as well as Chicago Booth, and Columbia Business School have experienced recent employment dips in the sector. According to a 2017 MBA Employment Survey by Training the Street, students reported lower interest in working for Wall Street and expressed wanting to explore options with companies, such as boutique banks, that may offer a higher quality of life.[ii]

The Salary Trends Report projects another year of modest growth for the industry in 2018 (4 percent) with a slight decline predicted for 2019 (-1 percent). 

[i] https://poetsandquants.com/2017/10/04/amazon-now-hiring-1000-mbas-a-year/

[ii] https://www.bloomberg.com/news/articles/2017-08-09/record-percentage-of-mbas-don-t-want-to-work-on-wall-street

MBA Application Resource Roundup

For prospective business school students, we’ve created a short list of resources, including Apply Point blogs and information from external organizations, that will help guide you through the application process.

Apply Point Blog Posts

·       Deciding where to apply

o   MBA School Selection: Important Considerations When Building Your School List

o   MBA School Selection: What are the Alumni Saying?

o   Want a Career Abroad? Consider a European MBA.

·       Application

o   MBA Application Submission: Is There an Optimal Deadline?

o   The GMAT V. The GRE: Which Test is Best for You?

o   MBA Application Essays: Prompts Designed to Get Beyond Applicants’ Professional Experiences to Gauge Creativity and Assess Values

o   IQ is Important, but Don’t Forget About EQ

o    Using Recommendations to Strategically Enhance Your MBA Application

·       Interview preparation and tips

o   Top Ten Tips for the MBA Behavioral Interview

o   The Wharton Interview: Excel in the Team Based Discussion

o   MBA Interviews: When the Interview Requires More than an Interview

·       Use Social Media to Enhance Your Graduate School Application  

·       Unemployed and Considering Graduate School? Ensure This Time is Meaningful and Productive

·       Unconventional Applicants to MBA Programs Must Consider Abilities in Innovation, Leadership, and Teamwork

Online resources and social networks for prospective and current MBA students

·       Poets and Quants

·       Beat the GMAT

Organizations and Resources

·       The MBA Tour is an independent and high-quality information source regarding MBA admissions. Events emphasize personal interaction between prospective MBA students, business school admissions representatives, alumni, and other like-minded education enthusiasts.

·       The Consortium for Graduate Study in Management is a continually growing and evolving alliance of some of the world’s leading graduate business schools and business organizations, supported by the strength of an extended network of students and alumni.

·       The National Black MBA Association is the premier business organization serving black professionals.  

·       Prospanica, formerly the National Society of Hispanic MBAs (NSHMBA), emphasizes educational and professional development programs to improve the Hispanic community as a whole.

·       The Forte Foundation is a non-profit consortium of leading companies and top business schools working together to launch women into fulfilling, significant careers through access to business education, opportunities, and a community of successful women.

Make the Most of The MBA Tour: Create a Targeted School List

The MBA Tour presents an incredible opportunity for you, as a prospective MBA student, to gather information, make contacts, and advance yourself in the admissions process. But to make the most of the event, you will need to consider it a targeted mission rather than merely time to explore. The MBA Tour will have many booths distributing information, including school tables with admissions representatives expounding on their latest and greatest offerings. It is an easy environment in which to get distracted. As such, prior to the event, you should carefully consider your preliminary school list, the programs that are most compelling to you, and information you’d like to collect at the tour to help you finalize a sound school selection strategy. This preparation will help you to stay focused on your own priorities, rather than ending up overwhelmed with extraneous information.

We recommend utilizing the following three criteria to compile a list of ten schools’ tables that you want to visit at the event, and to prioritize your top choice schools (3-5), which you will likely want to spend additional time researching and networking with while there.

1.       Rankings/Prestige: While we would discourage you from judging schools on rankings alone, US News & World Report’s list of Best Business Schools, for example, is still important to consider when gaining an in-depth understanding of how potential employers will view your investment. Many rankings are also based on algorithms that incorporate various factors of interest to students such as quality assessments, placement success, and student selectivity. As such, you might want to research various rankings and find the one that most closely suits your interests.

2.       Geography/Network. The second, and perhaps somewhat surprising aspect to consider when putting together a school list is geography. Place will play a crucial role in your ability to network. Thus, we often encourage students who know they want to end up in a certain location to consider the top MBA programs in that city, or within the geographic region. Similarly, if your goals are related to a certain industry, it can be invaluable to attend a school near one of the industry’s hubs.

3.       Career Placement. The last, but perhaps most critical component, is to develop a thorough understanding of which companies are recruiting and hiring employees from the MBA programs you are interested in. We suggest prospective students gain a thorough knowledge of the information contained in each school’s career placement report and engage with the school’s counselors in the career center to learn more. It can also be helpful to look for student clubs or associations within a business school relevant to your goals (e.g., Finance Club, Luxury Goods Club, Marketing Club), as they will often host events connecting potential employers with interested students, as well as providing other resources.

Enjoy The MBA Tour!  If you’ve thought through your goals and school selection priorities, it will likely be a memorable experience.

MBA Application Essays: Prompts Designed to Get Beyond Applicants’ Professional Experiences to Gauge Creativity and Assess Values

Throughout the MBA admissions process, schools’ admissions committees are looking to get to know applicants as fully as possible so they can put together a diverse but cohesive group of students. Thus, many schools will require you to respond to “out of the box” essay prompts designed to explore your creativity, communication skills, and values. We examine some such prompts below, as well as some strategies you could consider when responding to them.

Booth Moments Presentation/Essay

University of Chicago Booth

 Exercise:  Booth asks applicants to choose a photograph or “moment” from a small collection that resonates with them, then explain why in an essay or slideshow.

Strategy: While this essay is an invitation for you to showcase your personality and interests to the admissions committee, it is also the only essay requested, which means you must convey a lot of information. We recommend that you organize your essay content prior to selecting a photograph. You’ll want to consider your past experiences and future goals, how the Booth MBA will help you to achieve your goals, and what you will offer the Booth community. Then, look through the photographs and determine the one that will allow you to transition smoothly from the “moment” to the rest of your content. While you do not want the photograph to seem like an afterthought, you do want to make sure that it serves as a means to an end.

Tactics: As a rule of thumb, your essay should be approximately 750 to 1,000 words in length. We recommend the slideshow option only for applicants who are exceptionally well versed in creating this type of visual.

From the Admissions Committee: https://www.chicagobooth.edu/blog/ftadmissions/2017/201718-essay

Video Questions

Kellogg School of Management and Yale School of Management

 Exercise: Kellogg and Yale ask applicants to respond to several short video essay questions, in order to exhibit their personality, grasp of the English language, and what they could bring to the MBA community.

Rationale: Kellogg states that the video essay questions are “designed to bring to life the person we have learned about on paper.” Student culture is a key focus in Kellogg’s admissions efforts, and they want to get to know applicants as fully as possible to ensure they construct a close-knit and collaborative class. Similarly, Yale is looking to gauge your communication skills and your ability to think on your feet. This is an opportunity to demonstrate your values, interests, creative thinking ability, and goals rather than worrying too much about the “correct” or expected response. 

Your Strategy: While the video essay may feel uncomfortable at first, it is an excellent opportunity for the admissions committee to get to know you better. Prior to participating in the video essay, review your submitted application and think through your personal goals and interests and how those align with the MBA program. While you do not want to look scripted in your responses, you do want to be prepared, which will help you to relax and show your personality and communication skills.

Tactics: Both Kellogg and Yale provide practice questions that will help you to get comfortable with the format and technology, and we recommend taking advantage of this. You can also practice with a friend using Skype to get a feel for the interview format.

From the Admissions Committees:

http://som.yale.edu/apptips-video-questions

http://www.chicagobusiness.com/article/20140823/ISSUE02/308239995/how-to-ace-the-new-trend-in-mba-admissions-online-video-essays

Video Statement

MIT Sloan

Exercise: Sloan requests applicants to provide a 60 second video statement introducing themselves to their future classmates. It is important to note that the video will only be used during the admissions process and will not be shown more widely.

Strategy: Familiarize yourself with the Sloan values and culture and then take time to clearly link your own values, passions and goals with those of the greater Sloan community. The Admissions Committee should gain a clear understanding of why you want to attend the school and what you will bring to your class.

Tactics: Create an outline of ideas that you want to express in your video and practice saying the content aloud. While we do not recommend memorizing a script, as you will want to sound natural in the video, we do want you to feel confident with your talking points prior to making the recording. Finally, take advantage of the fact that you can record the video as many times as you want.

From the Admissions Committee: https://mitsloanadmissions.com/2017/09/06/advice-for-mba-applicants-how-to-master-the-video-statement/

25 Facts

Duke Fuqua

Exercise: Fuqua asks applicants to create a list of 25 (numbered) facts about themselves, not to exceed two pages.

Rationale: Duke believes that their program is served by putting together a diverse community from each applicant class and that “different types of people, points of view, and experiences bring out the best in everyone”. To get to know you better, beyond your professional and academic background, they are looking for 25 facts that will provide them insight into your likes/dislikes, passions, and hobbies.

Strategy: You will want to use this space to differentiate yourself from other applicants and to provide the admissions committee insight into how you can bring a unique perspective, skill set, or passion to the incoming class. Spend some time thinking through potential facts and talk to your friends, family, and others to brainstorm ideas. While your facts may involve inspirational figures in your life, be sure to keep the focus on yourself. And, while it is perfectly acceptable to use facts spanning your entire life, it is important to note that most should be inspired by experiences you’ve had as an adult (18+).

Tactics: While this is an atypical essay type, remain conscientious about your use of grammar in the facts. They may take on a more conversational writing style, but each one should be technically correct.

From the Admissions Committee: https://blogs.fuqua.duke.edu/duke-mba/2012/07/19/megan-lynam-overbay/application-essays-change-to-gain-greater-insights?category=admissions#.WjKlE7pFyuU

Pick Six

NYU Stern  

Exercise: Stern asks applicants to describe themselves to the admissions committee and future classmates using six images, a brief introduction, and image captions.

Rationale: This format is reflective of current social media trends, and is becoming a more common form of expression for individuals and brands; the admissions committee is looking for your competency in putting together such a deliverable.  

Strategy: Think of your response to this prompt as you would an advertising campaign or curated art exhibition. Individual pieces should be able to stand on their own, but they must also meaningfully connect and contribute to a larger story. Prior to looking through images, consider first what you could convey overall. Keep in mind the themes of the business school application: innovation, leadership, and teamwork. But also explore other possibilities: a unique passion, a personal mantra, your life’s unique path to this point, future aspirations, and/or how you will contribute to the Stern Community. Additionally, consider a cohesive theme that could bind your images together. To choose your theme, consider your interests and passions, and how you could incorporate them into your image selections. If you are an artist, you may want to select images of your own work, while a movie buff may choose to incorporate screenshots of famous scenes, to represent their strengths and future goals. If you’re an analytical type, don’t let this exercise overwhelm you. Your images don’t have to be pictures, but can also be graphs, maps, or word clouds. Try to find a mix that feels true to you, while ensuring that each image gives the admissions committee insight into your personality.

Tactics:  Do not let the captions become an afterthought. While it is easy to get attached to an image, remember that the words and images must work together to tell your story.

From the Admissions Committee: https://poetsandquants.com/2017/06/12/nyu-stern-unveils-big-changes-mba-app/2/

MBA Interviews: When the Interview Requires More than an Interview

To get to know applicants better, some MBA programs will ask interview participants to submit additional materials or participate in supplementary activities. We have profiled a few of these exercises below to provide you with additional insight. 

1.       Harvard Business School, Post-Interview Reflections

Description: Within 24 hours of the interview, candidates are required to submit a written reflection through Harvard Business School’s online application system. The submission is not a formal essay. Rather, it should be written similarly to a post-meeting summary one would write to a colleague or supervisor at work.  

Rationale:  Shortly after instituting the Post-Interview Reflection, Harvard’s Admission Blog described the exercise as a chance to both get students’ opinions regarding their interviews, as well as a real-world practicum. Professionals routinely need to send emails summarizing meetings and offering assessments and their ability to do this well is critical for workplace success.

Your Strategy: Be genuine and think critically about the interview. What were the highlights? What could have gone better? Were there remaining “gaps” after your interview, and if so, how do you wish you could have addressed these? The post-interview reflection is an opportunity for you to demonstrate real-world critical thinking and writing skills, as well as offer any information that you feel you did not adequately explain in the interview. In other words, Harvard is not expecting your most polished product, but rather a thoughtful assessment of your interview coupled with a compelling communication. As such, this piece should not be crafted prior to the interview, adapted from another essay, or used as additional resume space. However, you may want to take some time immediately after your interview to make notes on areas that you’ll want to include in your submission. Then give yourself a bit of reflection time prior to producing your final product. You’ll want to make the most of this final opportunity to show the admissions committee who you are and how you think.

2.       MIT Sloan, Pre-Interview Essay Submission

Description: Those invited to interview at Sloan will be asked to answer the following question: The mission of the MIT Sloan School of Management is to develop principled, innovative leaders who improve the world and to generate ideas that advance management practice. We believe that a commitment to diversity, inclusion, equity, and well-being is a key component of both principled leadership and sound management practice. In 250 words or less, please describe how you, as a member of the MIT Sloan community, would work to create a campus that is welcoming, inclusive and increasingly diverse. 

Rationale: The interview process is about getting to know applicants more thoroughly. This is a chance to not only demonstrate that your values match those of MIT Sloan, but that you are willing to proactively work to put those values into action during your business school tenure.

Your Strategy: Your response to this question should go beyond what clubs and extracurricular activities you will participate in at Sloan. Rather, it should examine how you will demonstrate leadership in creating a diverse environment and promoting wellbeing among your peers. Using examples from your past leadership experiences, demonstrate your ability to cultivate a positive culture. And be sure to clearly link the perspective you gained from these experiences to what you hope to accomplish at Sloan. 

3.       Northwestern Kellogg, Video Essay

Description: In responding to several short video essay questions, Kellogg’s video essay allows you to further demonstrate what you will bring to the community in an interactive way.

Rationale: Kellogg states that the video essay questions are “designed to bring to life the person we have learned about on paper.” Student culture is a key focus in Kellogg’s admissions efforts, and they want to get to know applicants as fully as possible to ensure they construct a close-knit and collaborative class. As such, this is an opportunity to showcase your personality, values, interests, and goals rather than worrying too much about the “correct” or expected response. 

Your Strategy: While the video essay may feel uncomfortable at first, it is an excellent opportunity to allow the admissions committee to know you better. Kellogg provides practice questions that will help you to get comfortable with the format and the technology, and we recommend taking advantage of this. Prior to the video essay, review your submitted application and think through your personal goals and interests and how those align with Kellogg. While you do not want to look scripted in your responses, you do want to be prepared, which will help you to relax and show your personality.

4.       University of Michigan Ross, Team Experience 2.0

Description: Those invited to interview at Ross will also be invited to participate in the Team Experience 2.0. In this exercise, teams are tasked with developing a business challenge and solution using random words. Then, they are required to present the case to an evaluator, who will ask each group a follow-up question based on the solution they present.

Rationale: The Ross Admissions Committee says that the goal of the exercise is to assess how an applicant can contribute to and problem-solve as a team-member in real-time. This exercise will mimic the format of most business school group work and will demonstrate to the admissions committee your ability to lead, collaborate, and contribute to a group’s shared goal.  

Your Strategy: As you take part in the Team Experience 2.0, you will want to consistently show your leadership and collaboration abilities. This includes ensuring that all members of the team are participating, celebrating and enhancing good ideas, kindly but productively questioning your teammates, and ultimately encouraging the group towards a decision. Similar to the Wharton Team Based Discussion, you will succeed to the extent that your team succeeds. As such, do not become overly competitive or domineering in the discourse. Instead, look for the ways in which you can help your team to determine the best solution.

Top Ten Tips for the MBA Behavioral Interview

If you have been invited to interview at any or all of the schools on your list, congratulations!  Now you must begin preparing for a memorable and acceptance-worthy performance.

1.       Upon receiving the invitation, schedule the interview as soon as possible. This will enable you to avoid scheduling conflicts and select the time of day when you have the most energy.

2.       Read all you can about the school. If possible, schedule a full visit prior to the interview, which often will include a tour, class observation, and conversations with current students. Additionally, talk to current or former students already in your network to gain insight on the interview process and other aspects of their MBA experience.

3.       Review your application and think through how you will coherently explain your path to this point, as well as your decision-making and most meaningful experiences at each step. You will likely have some introductory question(s), which will require a three-minute elevator-pitch response, as well as several other questions that will require you to illustrate your points regarding such things as your ability to thrive in a team-based environment, etc., with specific examples from your work experience. 

4.       Be able to thoroughly explain why the school is the perfect intersection of where you’ve been and where you want to go. Elaborate on specifics, such as courses, professors, and extracurricular activities that make sense given your past experiences, interests, and achievements, as well as future plans. Remember, though, depth is better than breadth.  We would rather you explain at length one or two specifics that really set that school apart for you, than briefly mention of 7-10 attributes.

5.       Be prepared to weave into your responses what you will be able to offer the school. Make it clear how your experiences and interests, personal and professional, will benefit the school and create a stronger, more diverse MBA class and alumni base.

6.       Think through your career successes and failures and consider what you learned from both. Especially when answering a question regarding a failure, it is vital to spend only 20 percent of the response covering the situation. The rest should be devoted to action you took to prevent similar failures going forward and what you’ve learned as a result.

7.       Determine if there are any red flags in your application materials, and, if so, craft a response that addresses the issue without making excuses.  For example, if asked about the ‘C’ you received in calculus sophomore year, make mention of those specific areas in your transcript and post-baccalaureate experience that are more indicative of your ability to compete in a rigorous academic environment.  

8.       Stay current on domestic and international news. The Economist is a good, wide-reaching source for this. You will also want to be aware of any news related to your current company, industry and desired career path as these are great topics for an interviewer to draw from.  Setting up google alerts for key phrases related to your company and industry will help.

9.       Prepare three questions for the end of the interview, which will show your knowledge of and enthusiasm for the school.

10.   Compose a hand-written thank you note on high quality stock, and snail mail it to your interviewer. In the note, thank them for their time, reiterate your interest in the school, mentioning a specific or two, and if you can, make note of something memorable you spoke about during the interview.

The Wharton Interview: Excel in the Team Based Discussion

An invitation to Wharton’s Team Based Discussion can be as nerve-wracking as it is exciting. But with preparation and the proper mind-set, it can be an excellent opportunity to demonstrate your ability to think on your feet and respond under pressure. To ace the interview, consider the following tips:

1. Prepare thoroughly. After you receive the scenario, create a proposal and know it inside and out. Practice your presentation, out loud. Present in front of a mirror, or a live-audience of friends. Be sure that you feel confident about your ability to present your idea in a relaxed way, showcasing how you thought through the exercise. While, you don’t want to memorize your presentation word-for-word or sound overly rehearsed, you do want to be able to describe your idea in an articulate and conversational way. Your interview day may include other activities, such as attending a lecture and/or interacting with current and prospective students. You will want to be confident prior to arriving on campus with no need for last minute prepping.

2. Be prepared to explain and answer questions on your proposed idea. You can do this by considering what questions may arise from your proposal and writing out your responses to them. The more people you can share your idea with and collect questions from, the better. After working with an idea for a long period, it becomes harder and harder to poke holes in it. Let your friends, co-workers, or parents help you with this process.

• To help you start, make sure that you are comfortable responding to the following.

1. What are the beneficial outcomes of your proposal for students? For Wharton?
2. What are the risks of your proposal?
3. What assumptions are you making?
4. What are the drawbacks or limitations of your idea? Why are these acceptable?

• Be able to articulate the “why?” behind all the components of your proposal, as well as the “why not?” for other potential possibilities. This is important because (most likely) your proposal will not be selected. However, if you can find other students who have a similar “why?” as the foundation of their ideas, it will help you to collaborate with them and contribute to the discussion.

3. Prepare yourself to provide meaningful input to the discussion by continuing to be well informed of international business news. The Economist is a good, wide-reaching source for this. While there is no expectation that you will be an expert on everything, you should be conversant in current events and be able to make high-level social, political and economic observations about others’ proposals.

4. Be a team player. This cannot be stressed enough. While there is an aspect of competition to the interview, the team-based discussion is an opportunity to show your collaborative nature. Don’t try to “win” by pressuring the group to select your proposal. Instead, demonstrate how you will fit into the MBA community by being inclusive and showing leadership, humility, and adaptability. Articulate your thought process clearly, be positive about others’ ideas, continue to move the group forward by summarizing ideas, and question respectfully. Remember that the point of the exercise is to drive towards a strong team outcome; the better the team interacts together, the better all of you look individually.

5. Day-of tips:

• Wear a business suit.
• Feel free to bring notes, but do not read them directly or rely on them for more than a memory trigger.
• Introduce yourself to other prospective students and work to build a friendly rapport prior to the interview.
• Prepare three to five questions for the evaluators during the wrap-up portion of the interview.
• As much as possible, relax and try to enjoy the experience. This could be representative of the dynamic you’ll live in for the next two years. Ensure it feels right to you.

Use Social Media to Enhance Your Graduate School Application

Last week, Kaplan Test Prep released data from their survey of over 150 business schools across the U.S. on the role of social media in the admissions process. Of the admissions officers surveyed:

• 35 percent say they have visited applicants’ social media profiles to learn more about them, up 13 percentage points from 2011
• 33 percent of those admissions officers who’ve visited applicants’ social media profiles say that they do so “often”
• Social media has helped and harmed applicants’ admission prospects in almost equal proportions (48 percent and 50 percent respectively)

See the full press release, including a video summary of the findings here: http://press.kaptest.com/press-releases/kaplan-test-prep-survey-growing-number-business-schools-turn-social-media-help-make-admissions-decisions 

Admissions officers who are reviewing students’ social media pages are looking to get to know the student and their background more fully. Prospective students can take advantage of this by ensuring that their social media profiles are up to date and supportive of the personal brand they’ve put forth in their applications. As such, we recommend that anyone applying to a graduate program, or an internship or residency, take at the least a cursory social media scan. Below, we have provided guidelines for doing so.

The Basics: If nothing else, confirm the following.

• Ensure that your social media privacy settings reflect your preferences, but keep in mind that even private information can leak or be distributed more widely.
• Review your pictures. Are there any that present you in a manner that would be embarrassing for an admissions officer to see? Be sure to go back and review even your oldest pictures. Remove those that you deem inappropriate, borderline, or simply not reflective of you.
• Ensure that your LinkedIn resume is up to date, grammatically correct, and in line with what you’ve submitted to the admissions committees. Similarly, confirm that your posts on Facebook, Twitter, and Snapchat are grammatically correct.
• Confirm that none of your content could even potentially be considered racist, sexist, or containing prejudicial language. You should consistently represent yourself as someone who will add to a diverse intellectual environment. Make it clear to your friends that you should not be tagged or otherwise included in groups that don’t share this spirit.
• Review your profiles often. Ensure that others are aware that you don’t want to be tagged in inappropriate pictures, videos, or comments.

The Upgrade: Use social media to enhance your application.

• Consider if your pictures are showcasing your hobbies and interests beyond, but including, time spent with friends. If not, add pictures that show a broader array of “you”. This might include shots from travel, volunteer work, cultural activities, time with pets, or engaging in other hobbies that show off aspects of your personality that will bring your essays and interviews to life.
• Ask co-workers from various points in your career to post recommendations on your LinkedIn account.
• Ensure that your goals are consistent between your application and social media posts. Don’t post different career goals than those that appear in your application, or actively discuss pursuing full-time careers that don’t require the graduate program to which you are applying.
• Keep your accounts up to date. Post about your current activities and events including conferences, speeches, or panels and include your reactions to the events. Share news or research articles on areas that you’re interested in. Take this opportunity to show off your writing and critical thinking skills or link to a blog containing your writing.
• Don’t hide those things which make you different. Admissions officers want a diverse graduate population, and social media is the perfect way to show off qualities and interests that set you apart from the crowd, as well as demonstrate how you currently contribute to the diversity of your community.

While, social media should continue to be a personalized and fun outlet for you, don’t forget to consider that it may also inform admissions committees or future employers about who you are, and ultimately impact their final decision. 

Unemployed and Considering Graduate School? Ensure This Time is Meaningful and Productive

If you are currently unemployed, graduate school can appear both tempting and daunting. Tempting, in that it will offer a new path forward complete with a career center. Daunting in that it may be necessary to directly address the unemployment period within the application. While unemployment should never deter you from attending graduate school, we encourage our clients to consider carefully if graduate school is the right path for them. The money and time invested must lead to an optimal path forward to be worthwhile. Though graduate school can be tempting to alleviate the pains of unemployment, if you have never considered it prior to unemployment, it might not be the right move now.

If you’ve known awhile that eventually you would pursue a graduate program, a period of unemployment may provide a beneficial time to study for entrance exams and create compelling application materials. However, admissions committees will want to see that you are using your time wisely and productively, extending yourself beyond the work on your application materials. In order to present the employment gap as a critical time of development, consider the following:

• Volunteering at an organization where you may be able to hone your leadership skills and refine an area of expertise

  • https://www.volunteermatch.org/

  • https://giveandgetnyc.org/

  • https://www.volunteerforever.com/article_post/2017-best-volunteer-abroad-programs-organizations-projects

• Tutoring students at a local university in relevant coursework

• Taking courses at a local university or through online portals

  • https://www.edx.org/

  • https://www.coursera.org/

  • http://online.stanford.edu/

• Attending professional development conferences

  • We’ve listed a few resources and conferences that can provide great learning and networking. You can also look for conferences that have streaming capabilities to keep costs down.

    • (pre-med) https://www.amsa.org/events/, https://www.aamc.org/meetings/annual/?link=carousel&camp=LSL2017

    • (pre-law) https://shop.americanbar.org/eBus/ABAEventsCalendar.aspx

    • (business) http://techweek.com/?ticket=new-york,  http://conference.99u.com/, http://www.businessinnovationfactory.com/summit/logistics

• Doing freelance work

  • For some insight into where to get started: https://www.thebalance.com/how-to-start-freelance-writing-1360255

• Starting or writing more regularly for a blog

  • This link will take you to a site comparing various blog hosting platforms, and will give you the information you need to get started: http://www.wpbeginner.com/beginners-guide/how-to-choose-the-best-blogging-platform/

• Investing completely in a hobby or other personally fulfilling undertaking

• Writing a business plan or starting a business

On the application itself, you should not dwell on or make excuses for the employment gap.  Rather, you will want to address it briefly, explain that it is not indicative of weakness in ability or character, has not hindered your pursuit of your goals, and you did indeed spend the time productively, gaining valuable insight. You ultimately want to show the admissions committee that you will work hard throughout the graduate program, be able to secure professional placement and that, instead of slowing you down, this obstacle has given you an opportunity to adjust course, work harder, and become better.

IQ is Important, but Don’t Forget About EQ

This summer, NYU Stern updated its MBA application to include an EQ Endorsement. Separate from the professional recommendations, Stern is asking applicants to have a friend or colleague submit a clear and compelling example of the applicant’s emotional intelligence. While NYU is at the forefront of formalizing the request for a demonstration of emotional intelligence, admissions committees have long been interested in self-awareness, maturity, leadership, and other skills highly correlated with EQ.  Demonstrating that you have the academic prowess to succeed in an MBA program is no longer enough; it is also critical to display emotional intelligence throughout your application.

There are several current models and definitions of Emotional Intelligence. One commonly used definition is from Mayer, Salovey and Caruso’s 2008 article in American Psychologist. “Emotional Intelligence includes the ability to engage in sophisticated information processing about one’s own and others’ emotions and the ability to use this information as a guide to thinking and behavior. That is, individuals high in emotional intelligence pay attention to, use, understand, and manage emotions, and these skills serve adaptive functions that potentially benefit themselves and others.”

Essentially, those with a high EQ can work successfully with others by understanding how emotions play a role in the workplace through employees’ thinking, decision-making, and conduct. This understanding helps those with EQ to have positive interactions with others, but it is much more than just building camaraderie with coworkers. Emotional intelligence is also the driving force behind persuasion and leadership, and those who are adept can facilitate difficult situations and conversations effectively and improve the motivation and performance of colleagues using these skills.

Mayer and Salovey created a developmental model of emotional intelligence, with four key components (each with four sub-components):

-        The ability to perceive emotions in oneself and others accurately.

-        The ability to use emotions to facilitate thinking.

-        The ability to understand emotions, emotional language, and the signals conveyed by emotions.

-        The ability to manage emotions so as to attain specific goals. 

Read more about the model here: http://www.theeiinstitute.com/what-is-emotional-intelligence/4-mayer-and-salovey-model-of-emotional-intelligence.html

While some people have higher EQ levels innately, it is also a skill that can be enhanced through increasing self-awareness and practice. As such, in your business school applications, you can showcase your emotional intelligence strengths, but also show self-awareness by referencing those areas that you are actively working to develop.

Take the time to weave examples of your emotional intelligence throughout your essays as well as in your recommendations. EQ-related skills are often included on the recommenders’ skills assessments so make sure that your recommenders are aware of your abilities in this arena by providing them with stories and anecdotes that they can consider when filling out the skills assessment and completing the open-ended question(s).

Some prompts to help you start thinking through specific examples that will illustrate your emotional intelligence include: 

-        Describe difficult co-worker or team dynamics and how your emotional awareness allowed you to repair these relationships and/or environments.

-        Reference times where perceiving and responding to the emotions of others helped you to drive a conversation or project forward in a different, but ultimately more effective manner.

-        Think through examples of relating to others, particularly others who are different from you, to increase teamwork or buy-in to an idea or project.

-        Think further about those times you’ve disagreed with colleagues in a rational and beneficial way, which ultimately helped you determine the best path forward.

-        Consider a time when you assisted a coworkers’ development by giving them difficult feedback or having a tough conversation.

With many corporations and recruiters showing an interest in emotional intelligence, thinking through how you can continue to develop and showcase your EQ will be a beneficial investment of time, not just for the MBA application period, but for all of your professional endeavors going forward.

Using Recommendations to Strategically Enhance Your MBA Application

While MBA recommendation letters typically will not make or break your admissions decision, they can reinforce the personal brand you’ve presented throughout your application. We encourage you to use recommendations strategically so that they validate and expand upon key themes already introduced.

Selecting Your Recommenders

We advise selecting recommenders who can comment on your post-graduate, professional experiences and accomplishments. Recommenders should know you well and be able to provide detailed insight into working with you, which includes assessing your professional skills and personality traits. This intimate knowledge of your abilities is significantly more important than the job title of your recommender.  The one exception is if you have a senior colleague with significant influence at the school to which you are applying who would be willing to serve as a recommender.

Select recommenders that will provide a well-rounded view of working with you, though you should elect to have each provide a slightly more nuanced focus on a character trait that you exhibit and have spoken about in your application (i.e., leadership and teamwork).

Taking a Strategic Viewpoint

As mentioned, it is critical for recommendations to validate and enhance the existing application content. As such, read through your essays and make note of traits that you are highlighting for the admissions committee, then determine which recommender would best be able to write anecdotes about you exhibiting those traits. Additionally, if you see gaps in your application, you may choose to close those gaps using the recommendation letters.

Setting Your Recommenders Up for Success

Most importantly, provide each recommender with enough time to meet your request. We suggest that you allot two months between making the request and the submission date.

Provide a portfolio of information to each recommender that includes the following information:

• School names, recommendation questions, and submission date(s)
• Method for recommendation submission (e.g., online via link)
• Background information and your future career goals
• Sample recommendation letter (customized)
• Illustrative anecdotes from your work together (customized)

The sample recommendation letter and illustrative stories that you provide should be unique for each recommender and should highlight the qualities you are wanting the recommender to expand upon. These inputs will allow you to subtly influence the recommenders’ output and will ensure that the recommendations include concrete and varied examples that reinforce your existing application content.

The timely provision of this portfolio of information will reinforce to your recommenders that you appreciate their time and are serious about your applications. It will also provide much needed direction that will allow them to allocate their time wisely in support of your efforts.  

After the recommender has submitted the recommendations, be sure to thank him/her for spending time in support of your application.

Frequently Asked Questions

I have a great relationship with my college advisor, would it be appropriate to use her as a recommender?

For entry into business school, it is best to use professional references who can speak to your work experience and skills acquired.

What if I don’t feel comfortable telling my direct supervisor that I am submitting applications to business school?

While it is preferable to have a recommendation from a direct supervisor, it may not always be an option and schools are understanding of this fact. Do attempt to have a former boss, professional colleague who is superior to you on an org chart, or someone who knows you in a more professional context write a recommendation. In some cases, this could include someone from a volunteer activity where you demonstrate teamwork and leadership skills.

How many recommendations is it appropriate to ask a recommender to write?

While this depends on how strong your relationship is with the recommender, our general rule of thumb is to ask a recommender for no more than three recommendations per round. This prevents the recommender from having to meet a burdensome number of back-to-back deadlines.

Is it necessary to get specific recommendations written for each school?

While ideally you will get your recommenders to address each recommendation topic directly, it may be necessary for him/her to write a single recommendation that addresses all the questions from your prospective schools together. Many schools have similar or shared questions for recommenders making this feasible. 

MBA School Selection: Important Considerations When Building Your School List

According to the 2017 AIGAC MBA Applicants Survey, 39 percent of MBA Applicants reported that their admissions consultant advised them to apply to a school they would have otherwise never considered.

At Apply Point, we work closely with our clients to create a school list that is both compatible with their interests and goals and also sound in terms of acceptance likelihood. We know we’ve succeeded when an applicant has the luxury of choice between multiple programs at the end of the admissions cycle. While there are numerous factors to consider when finalizing school selection, we believe the following three criteria are the most important.

Rankings/Prestige

While we discourage clients from judging schools on rankings alone, US News & World Report’s list of Best Business Schools, for example, is still important to consider when gaining an in-depth understanding of how potential employers will view your investment. Many rankings are also based on algorithms that incorporate various factors of interest to students such as quality assessments, placement success, and student selectivity.

Geography/Network

The second, and perhaps somewhat surprising aspect to consider when putting together a school list is geography. Place will play a crucial role in your ability to network. Thus, we often encourage students who know they want to end up in a certain location to consider the top MBA programs in that city, or within the geographic region. Similarly, if your goals are related to a certain industry, it can be invaluable to attend a school near one of the industry’s hubs.

Career Placement

The last, but perhaps most critical component, is to develop a thorough understanding of which companies are recruiting and hiring employees from the MBA programs you are interested in. We suggest prospective students gain a thorough knowledge of the information contained in each school’s career placement report and also engage with the school’s counselors in the career center to learn more. It can also be helpful to look for student clubs or associations within a business school relevant to your goals (e.g., Finance Club, Luxury Goods Club, Marketing Club), as they will often host events connecting potential employers with interested students, as well as providing other resources.

During the school selection period of the application process, we encourage prospective students to keep an open mind and fully explore the many options that exist. Speaking with professors, career placement professionals, current students, alumni, and admissions directors at different programs is a wonderful way to start.  Your personal MBA rankings may not look exactly like those in US News and World Report or Financial Times. And that is just fine.

The GMAT V. The GRE: Which Test is Best for You?

For the past two years, respondents to the AIGAC MBA Applicant Survey have reported that the standardized test is the most challenging component of the MBA application. While there is no way to completely defray the stress associated with the GMAT or GRE (the top 50 business schools accept both), it is helpful to think critically about which one will provide you the best opportunity for success.

At Apply Point, we generally make the following recommendations:

You might prefer the GMAT if:

• Your strengths are quantitative, analytical
• You are adept at interpreting data presented in charts, tables, and text to solve problems
• You know that you want to attend an MBA, or business-related program, such as a MS Finance.

You might prefer the GRE if:

• Your strengths are verbal, writing
• You want to keep your graduate school options open. The GRE is accepted at most graduate programs, including a couple of law schools.

In Kaplan’s 2016 Survey of Business School Admissions Officers, 26 percent of admissions officers reported that those submitting a GMAT score have an admissions advantage over those who submit a GRE score. However, 73 percent said that neither exam has an advantage. In 2014, Harvard Business School’s Admission Director shared that the school looks carefully at the score components in combination with the student’s transcript and resume. As such, prospective students should use the test strategically to fill in any “gaps” or answer open questions that may stem from their transcript and/or work experience. For example, an applicant with an undergraduate degree and work experience in finance may need to bolster their application with strong verbal scores, while a communications major will want to demonstrate his/her ability to handle the rigors of the quantitative coursework in the MBA by providing a strong quantitative score on the GMAT/GRE.

Above all, an applicant should take the test they feel most comfortable with and are most likely to succeed on. Taking a diagnostic exam of each is a good place to start.

MBA Application Submission: Is There an Optimal Deadline?

When considering the most beneficial timing for your MBA application submission, keep in mind your school preferences, financial need, and the amount of time you can devote to crafting the most compelling application. We’ve examined the pros and cons of the various admission rounds and provided the U.S. News and World Report’s Top 15 ranked schools and their application deadlines below.

Rolling Admissions: Only a few top-tier MBA programs offer rolling admissions, including Columbia University and UCLA. This means they provide admittance decisions to students as the admission committee reviews the application, rather than sending out a batch of decisions on a pre-determined date.

Apply Point Recommendation: Prospective students interested in a school with rolling admissions should submit their application as early as possible. Seats in the incoming class are continuously being filled.  However, it is critical to ensure that you have taken the necessary time to develop the most compelling content possible. Rushing it could result in a lower quality application.

Early Action / Decision: While some programs offer non-binding Early Action application rounds, such as Dartmouth, other schools such as Columbia and Duke offer a binding early application round. The binding programs will ask a prospective student, upon acceptance, to withdraw any outstanding applications, and submit a commitment letter to the school.

If a prospective student is fully committed to attending a particular MBA program, regardless of outside opportunities, financial or otherwise, it can be extremely beneficial to apply in the early decision round.  This is because admissions likelihood is significantly higher. Schools look favorably on commitments to their program, which also help to increase a school’s yield.

It is important to remember that both binding and non-binding early applications are due at the beginning of the admissions cycle. Thus, prospective students will need to plan accordingly to finalize their applications for submission. Additionally, for binding early decision programs, merit-based scholarships are less likely.

Apply Point Recommendation: We generally recommend our prospective students keep their options open by applying in a first or second round rather than taking advantage of the binding early decision programs. But, if the prospective student is 100 percent committed to attending a particular program for personal or professional reasons, and they are comfortable forgoing any scholarship money, the binding early decision may be a good match.  

First Round / Second Round: These two rounds, in general, are created equal. Submission by a prospective student within either of these rounds will allow an applicant to be considered for merit-based financial assistance. Additionally, a good proportion of the incoming class seats are still available.

Apply Point Recommendation: If a prospective student is ready to submit the best version of his/her application prior to the first-round deadline, we would recommend submitting in the first round. If this isn’t the case, we will always counsel applicants to take additional time to submit a stronger application.

Third Round: This is usually the last round prior to the close of the admissions period. It is generally the most competitive round as there are fewer seats available. Depending upon the school, this round may also leave students unavailable for consideration for merit-based financial awards.

Apply Point Recommendation: There are very few cases where we would recommend applying at this point in the admissions cycle. It puts the applicant at a disadvantage. However, if the prospective student is unable to submit in rounds one or two, they have a very compelling application, and they have no need for financial support, they may still be successful.

Every prospective student has a unique situation that should be considered when determining what round to put forth his/her application to an MBA program. Thus, advance planning and an awareness of all the deadline options is crucial when crafting a winning application strategy.

MBA School Selection: What are the Alumni Saying?

While there are many considerations that go into forming a comprehensive list of well-fitting, potential schools—including prestige and career placement—one that can be easily overlooked is the “alumni factor.”  In the 2017 AIGAC MBA Applicant Survey, 45 percent of respondents listed ‘access to a strong network’ as a factor in applying to an MBA program this year, though just 32 percent of respondents listed the alumni network as the factor with the most influence on their specific school choice[i]. It is important to note that, while you are matriculated at a school for two years, the strength of an institution’s alumni commitment can have a long-lasting impact on your professional life. Alumni can provide critical information, advice, and access to industries and employers long after graduation day. Thus, we have isolated a couple of rankings that provide a more in-depth view of the alumni network experience and perspective.

Alumni Networks. The Economist surveys current and recently graduated MBAs in order to create an amalgamated “potential to network” score. This includes an equal weighting of the ratio of MBA alumni to current full-time MBA students, number of overseas alumni chapters, and a student rating of alumni network effectiveness. This score comprises ten percent of their overall MBA ranking[ii].

Alumni Recommendations. The Financial Times surveys MBAs three years post-graduation and asks them to select three MBA programs that they would recruit from[iii]. While this component comprises only two percent of their overall ranking, we feel that looking specifically at this variable can provide valuable insight into how recent MBA graduates view their programs as well as the programs attended by their peers in terms of workforce readiness.

While some schools are named on both lists (Insead, UC Berkeley, Northwestern, NYU, Harvard, London Business School, and University of Chicago), there is some variation between the two lists. For potential MBA applicants, careful consideration of the strength of the alumni network from the point of view of both current students as well as recent alumni may help you to create a broader, yet strategic list of prospective schools for visiting and exploring.

Key considerations when determining if an alumni network may be beneficial for you:

1. The size and activity-level of the organization overall, but also how active the chapters are in regions/cities where you are interested in living post-graduation
2. The number of alumni working at employers you are interested in, as well as in industries that you are pursuing
3. The relationship between the school and alumni. For example, the school’s career-services support for alumni
4. The number of alumni who continue to participate in events over time

Researching a school’s alumni network online, looking beneath overall rankings, reviewing LinkedIn groups and members, and reaching out to a school’s alumni group directly can provide you with valuable information that may serve you well as you start to narrow down your list of prospective schools.

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[i] http://aigac.org/wp-content/uploads/2013/12/2017-aigac-presentation-final-jun-2017.pdf

[ii] http://www.economist.com/whichmba/full-time-mba-ranking

[iii] http://rankings.ft.com/businessschoolrankings/global-mba-ranking-2017

Unconventional Applicants to MBA Programs Must Consider Abilities in Innovation, Leadership, and Teamwork

To be tardy to Professor Barton Hamilton’s Managerial Economics class at the Olin Business School at Washington University in St. Louis means you will be serenading your fellow classmates with song.  One could choose as simple a tune as ‘Happy Birthday’ or, for alumni David Logan, former tenor at the Des Moines Metro Opera, ‘Nessun Dorma’ from Puccini’s Turandot, may be the more compelling crowd-pleaser.   

While unlikely Logan encountered stage fright if ever a few moments late to Hamilton’s class, students from seemingly unconventional backgrounds seeking their MBA’s, like Logan, often face uncertainty when trying to set themselves apart in the MBA application process. Business schools pride themselves on building diverse classes with students coming from a wide array of industries and educational backgrounds, but exactly how should the musician, teacher, graphic designer, and architect translate their experiences and abilities for admissions committees that employ a specific set of criteria when gauging prospective students’ potential? The key is to consider one’s ability to innovate, to lead, and to learn from and inspire fellow teammates.

Innovation: When considering your ability to innovate, think about meaningful, post-baccalaureate professional experiences when you employed critical thinking to introduce change, to develop imaginative solutions, and/or to evaluate risk. You don’t have to be a patent holder, tech entrepreneur, or engineer to capitalize on your ability to innovate in your business school application.  You could have done something as simple as made small, yet impactful improvements to a project management tool or have taken a novel approach in prospecting new clients.  Just be sure to show admissions committees your potential through story, rather than relying on claims of your success.  Specific anecdotes are always far more memorable than general statements about your beliefs or achievements.  

Leadership: Don’t worry if you haven’t yet managed a team on a regular basis.  When it comes to articulating your leadership potential, think about meaningful projects when you exercised a leadership role, which can show the reader your abilities in a convincing and memorable way.  What were the group dynamics?  What about the successes, failures, and lessons learned from the project? Can you think about a specific example when you demonstrated initiative?  What caused you to initiate certain actions and what were the results? What about a time that you provided feedback and a positive outcome resulted? 

Teamwork: Long before you take your first course, the student affairs team at the business school you choose will be dissecting your next incoming class in order to construct small study groups of four or five students who ideally will complement one another’s strengths, skill-sets, and experiences. Once you matriculate, you will have no choice, but to spend many sleepless nights with this group completing core curriculum projects. As your ability to thrive in a team setting is vital, both in business school and beyond, it is important to think about meaningful experiences you can incorporate into your application, which will show the reader a time when you translated a strategy into action for your team, encountered a significant obstacle in getting people to take action, or did something unexpected to build trust among team members. 

On the day Logan did rush into class a few moments too late, unsuspecting classmates experienced one of the greatest joys of business school: observing and learning from one another’s unique gifts in an environment committed to creative thinking and camaraderie.

Top Ten Things To Consider When Applying To An EMBA Program Part II: The Interview, Work Experience, and Essays

Executive MBA programs have never been looking for just good students.  They are trying to find leaders who will continue their positive trajectory of success after the program is complete. They are striving to build a class comprised of students with a diverse variety of talents, qualities, attitudes and backgrounds. 

So, what does this mean for your application?  Let’s examine each piece of the puzzle.

Interview

 The interview is arguably one of the most important parts of the business school application.  Not only must you look an admissions officer in the eye to discuss the contents of the paper application you’ve been refining for months, but you must also convince them of your strong communication abilities and the value you will bring into the classroom. 

--Prepare:

·      Go through commonly asked interview questions and practice your responses.  Taking it a step further by setting up mock interviews with admissions consultants or colleagues is also helpful.  A mock interview can stimulate the real thing because you will be forced to think on your feet and respond under pressure.

·      Most likely, one of the first questions is going to be open-ended.  Develop a three-minute elevator pitch that describes your background, strengths and professional story that doesn’t ‘read’ your resume.  

--Handle Weaknesses and Failures Effectively:

·      When discussing weaknesses, be honest and focus on skills instead of personality traits.  This is crucial as personality traits are usually considered permanent, while skills can be refined and improved.  

·      Questions regarding failure can be unpleasant, but they are inevitable.  The key is to emphasize what you learned from the failure and how you have become a more insightful leader because of these lessons.

--Be Precise:

·      Be specific about why business school is the perfect intersection of where you have been and where you want to go.  It is absolutely vital to be precise, not only when responding to questions regarding your short and long-term career goals, but also when responding to questions regarding the specific program to which you are applying.  Do extensive research by talking to students and members of the faculty.  Visit the school, sit-in on classes and, on interview day, come with questions that show your high level of interest in the program.

·      When asked questions about specific instances when you made an impact, it is important to give context by explaining the situation.  Then, you will be able to discuss the actions you took, which led to the end result.  Think of these responses as a three-step process – Situation, Action, Result.  

Work Experience and Scope of Professional Responsibilities

The quality and quantity of an applicant’s work experience is key when determining top management potential, so a polished resume is an absolute must.  Incoming EMBA students have an average of 13 years of post-baccalaureate work experience, with an average of 8 in a management role.

--Construct a powerful, yet precise resume:

·      Provide hard numbers that exhibit the results you’ve achieved and the impact you’ve made.  Don’t rely on a job description to communicate the value you’ve created, especially in the areas of leadership, innovation and teamwork.

·      Show your progression in responsibility and ensure your career goals are achievable in light of your background.  Emphasize the experiences that are in-line with your career goals and de-emphasize those that are not.

·      Business schools want diversity in work experience.  Don’t get discouraged if you are in the non-profit or creative sectors.  Just be sure to exhibit, from past experiences, your leadership skills and business potential.

Essays:

Another application staple, the essays, are often cited by admissions directors to be the most important part of the application.  They play a critical role in painting a picture of your potential by telling your personal and professional story and setting the stage for the other application components.  A well-written essay examines the value you can bring in terms of leadership, innovation and teamwork, your fit with a particular program, and how you stand out overall.

--Show, don’t tell:

One of the most important things to remember, when composing your essays, is the importance of specifics when painting a compelling picture for the reader.  Show the reader your leadership and innovation potential by describing, in depth, a situation, where they can see for themselves.  Your description should be thorough enough that you won’t have to state the obvious.  

--Don’t be afraid to discuss failure: 

Failure and weaknesses make for compelling applicants because it communicates sincerity and shows the admissions committee how you learn from your mistakes.  It is also a good idea to connect your development opportunities with the schools strengths.  How can the program you are applying to help you refine these particular areas of weakness?             

The application process may seem daunting, but the rigorous admissions standards applied will lead to an unparalleled EMBA experience, a classroom where each seat is taken by a talented leader who is more than merely a test score and a transcript.

What’s In It For Them?

When Evaluating MBA Program Formats, Take A Closer Look at the Incentives Driving Business Schools

At that last information session you attended, the Associate Director of Admissions gave an impressive presentation and sold you on the idea of pursuing your MBA part-time.  Not only would you be able to keep your job to attend classes at night, at the end of three years, you would also have a newly minted degree along with additional years of full-time work experience and maybe even another promotion.  As the seemingly endless possibilities raced through your mind, the presenter also claimed you would get the same quality of education as the full-timers complete with the same professors and career placement opportunities.  A part-time MBA seemed like the obvious choice.

The advantage you may gain by continuing on a steady career trajectory while also working towards an MBA, may be worth more than you could have ever imagined. However, before you make the final decision on whether or not to pursue a full-time, part-time, or executive MBA, you must evaluate the real advantages and disadvantages of each format.  Start by looking at the incentives driving business schools.

The Full-Time MBA and Rankings:

Full-time MBA programs in the U.S. are driven by rankings.  Business schools are incentivized to do everything they can to land the top slots in the Business Week and U.S. News and World Report rankings, which are released annually in March and November.  Rankings systems that evaluate full time programs have the most time intensive methodologies that incorporate a number of quantitative factors, so schools have a lot to be accountable for.   Factors including the average GMAT score, GPA of incoming classes, student evaluations of the school, and the percentage of graduates employed within three months of graduation are evaluated.  So what does this mean for you as a prospective applicant to a full-time program?  It means that because business schools devote a lot of time and attention to upholding competitive admissions standards along with a highly qualified career placement staff, you will be entering a full-time class that is far more diverse and competitive than its part-time or executive counterparts.  Your full-time experience will also be complete with a plethora of resources devoted to helping you find an internship and job post-MBA.  Applicants who apply to full-time programs come from all around the world and those who are accepted meet stringent admissions standards that require competitive GMAT scores and GPAs, an impressive professional track record and an ability to set themselves apart and articulate their short and long term goals throughout their essays and interviews.  As a full-time admit, you may also qualify for generous merit-based scholarships, that is if the schools want you and believe you will contribute favorably to their class and rankings placement. 

The Part-Time/Executive MBA Programs and Revenue:

Merit based scholarships are not available in part-time or executive programs.  This is because part-time and executive MBA programs are huge revenue-generators, rather than rankings generators, for the schools.  Admissions directors are incentivized to fill their classes even if it means compromising the same admissions standards applied to their full-time applicants and/or painting a rosier picture to prospective students regarding the similarities between the full-time and part-time experience.  It is important to note that part-time and executive rankings are based on subjective data, so admissions statistics don’t play an important role.  When it comes to part-time and executive admissions standards, it is also important to note that the bar is set lower simply because part-time and executive applicants are a fairly self-selecting group.  They are typically only those who are living and working in the city where the MBA program is based (there are some exceptions for EMBA programs).  So what does this mean for you as a prospective applicant to a part-time or executive program?  It means admissions will be less competitive, but you will still be able to get a degree from a prestigious business school, one you may not have been granted access to if you applied to their full-time program; You will have a less diverse class with far fewer international classmates than if you were to enroll in the full-time program; You won’t qualify for any scholarships, but you won’t forgo the opportunity cost of quitting your job for two years; In their sales pitch, schools may say you will be taught by the same faculty members as the full-time program, but usually this isn’t entirely the case; Schools may also say you will have access to the same career placement resources, but this is usually never the case.  You may not even need career placement assistance, especially if you just want to progress at your current company.  However, if you want to switch careers entirely, a full-time program will be a better bet for you.

Just like the contrasting rankings methodologies employed for full-time and part-time programs, the differences between the two MBA formats are stark.  Don’t let any sales pitch convince you otherwise.  Take the time to get the right information to help you make the best decision for your future.

Yield Protection: Know What You’re Up Against and Use It To Your Advantage

Colleges and graduate programs will do whatever it takes to protect their yield and won’t spare any expense.  Admit weekends will wine and dine prospective students with dinners at faculty clubs, organized social events and panel presentations featuring the school’s best and brightest alumni, faculty and current students.  Admissions departments will send gifts to admitted students and, in some cases, like that at a women’s college in Decatur, Georgia, school officials may even mail out a booklet containing scented pages to prospective students.  Admits of Agnes Scott College could smell pine while viewing a photograph of campus trees and a few pages later, got a whiff of freshly mowed grass while looking at an aerial shot of the Quad. 

Admissions directors and marketing managers will jump through all kinds of hoops to ensure admitted applicants matriculate as students in the next class.  But, why?  What are their incentives?  As long as programs get a full class eventually, why should it matter?  The answer is that it all comes down to rankings, as a school’s yield percentage is a significant player in the race for the top slots.     

Besides these obvious activities to woo admits, schools are also guilty of manipulating the admissions process, a practice commonly referred to as ‘yield protection.’  Some programs will waitlist average applicants so admissions directors can see who is interested enough to fight their way in.  Other programs will waitlist higher than average applicants if they believe these applicants would receive interview and admissions offers at more elite institutions.

As an applicant, instead of getting frustrated by these practices, use them to your advantage in the application process.  Whether you are applying to college, medical, law or business school, or other graduate programs within the arts and sciences, don’t forget the following tips:

Make Absolutely Sure Admissions Directors at Your Top Choices Know Their Program Is Your First Choice: Attend forums and recruiting events where you can introduce yourself to deans and admissions directors and reiterate how excited you would be if admitted to their institution. 

Put It In Writing: After events, send hand-written thank you notes to everyone you spoke with and, of course, drop in a line about your strong desire to attend if admitted.

Be Proactive: Don’t just attend scheduled events.  Arrange school visits through the admissions office and set up one-on-one appointments with various faculty members, deans, admissions directors and current students.  This not only shows your strong interest in their school, but this will also benefit you during the interview when you will be able to speak in-depth about the school’s offerings.

If You Are Waitlisted, Take Action: Visit the school if you haven’t already, send a letter with updates on your candidacy with a particular emphasis on how well you would fit in at your first choice school, send an additional recommendation letter and keep communication open.  You may think it could be annoying, but occasionally following up with admissions committees is a good way to reiterate interest and keep at the top of their minds.   

During a time of manipulative yield protection activities and marketing tactics that include scented brochures, you must arm yourself with the knowledge of this game and use it to your advantage.  In a few years, when you are studying on the quad of the reach school where you were initially waitlisted, the smell of that freshly mowed grass will be that much sweeter.